Mortgage Protection
1 in 3 of us will develop cancer during our lifetime‽
9 out of 10 cancer patients suffer a loss of income or higher costs as a result of their diagnosis¥
227,000 people suffer a heart attack each year in the UK†
69% of Britons have needed a cash injection to cover an unforeseen expense in the last 10 years‡
UK statistics show that you are 26 times more likely to be incapacitated and off work for more than six months, than to die before the age of 65±
Do you have adequate insurance in place to protect you and your family from life’s uncertainties?
Most people insure their belonging but do not insure themselves or their lifestyles; are you guilty of insuring everything from your mobile phone to your fridge, but haven’t looked at adequately protecting yourselves? If you don’t ensure financial stability what will happen to you and your family? Is your most important asset not yourself?
Take a look at the statistics above and can you really afford not to take a proper look at making sure that you have the relevant protection in place?
Our Service
Why should you seek advice over surfing the internet and purchasing online or over the telephone?
Minerva Financial Services offer a full advice and recommendation service, compare this to the information only service that you will obtain online or over the telephone. The product that you think you need, may not in fact protect you as fully as you had intended and leave you and your loved ones financially less stable.
We can advise on:
- Life insurance
- Critical Illness insurance
- Income protection insurance
- Family Income Benefit
- Accident, sickness & unemployment cover
By speaking to a professional adviser at Minerva Financial Services you can be assured that the product you take out has been recommended based on your individual circumstances, it will be tailored to suit you and your family and your budget, ensuring that you have an adequate financial safety net in place.
Taking the advice and recommendation route means that the adviser will sit down with you and talk you through the full process, explaining fully the importance of non-disclosure thus limiting the possibility of non-payment. Allowing us to process the application for you means that the hassle is taken out of the process for you. Our recommendations are confirmed in writing, explaining clearly why the product or products chosen are suitable for you.
We also have the additional benefit of being able to advise you on the benefits of:
- Writing policies in Trust
- Taking out separate policies instead of joint life, first event
- Adding benefits, such as waiver of premium, by back or including additional benefits such as income protection.
These little extras are why advice is so important.
Finally ask yourself these questions:
- What have you got insured?
- Have you financially protected you and your family?
- Would you manage on state benefit of between £50.95 and £95.15 per week≠
- If you were diagnosed with a critical illness or were long term sick, would you want the additional financial stress?
Additional Information available to download:
- Why do I need protection
- I don't need protection I am young and healthy
- Do I really need critical illness cover
- Replacing your income and helping you back to the job you want to do
- Come rain or shine ... Are you covered?
- Financial support when you need it most
Why don’t you take advantage of our Financial Review Service! We visit you or arrange to conduct the interview over the telephone, whichever is convenient for you. We will discuss with you your current protection arrangements and then provide you with our recommendations.
At Minerva Financial Services there is never any pushy salesman or harassment, you are under no obligation whatsoever, we prefer to conduct our business with you as we would expect it to be carried out with us.
So don’t delay, contact us today and make sure that you are protected from the unexpected.
Did you or a loved one give up smoking with the ban?
If you did, you could find that premiums are now considerably lower for you - speak to us now!
Types of mortgage protection
Level Term Assurance
Pays out a specified amount if you die within the term period of the policy, as with most options of protection it can be set up as joint life, single life or life of another.
Decreasing Term Assurance
Pays out a decreasing amount if you die within the term period of the policy, the amount of cover would typically decrease inline with a capital and repayment mortgage or can decrease by a set percentage rate. This type of cover is cheaper than a level term policy, it can be set up as joint life, single life or life of another.
Increasing Term Assurance
Pays out an increasing amount if you die within the term period of the policy the amount of cover increases by a set percentage rate over the term of the policy. This cost of this type of policy would obviously increase over the term but can be set up as above, joint life, single life or life of another.
Family Income Benefit
This is another form of term assurance that will pay out a series of regular (monthly or annually), tax-free lump sums that can be used as income. The income is paid out when the insured died and is paid until the end of the term of the policy. The income can also be index linked so that it increases yearly to help counter the affects of inflation, critical illness can also be included within this type of policy.
Critical Illness Cover
Pays out a lump sum in the event of diagnosis of a specified illness within the term of the policy, it can either be on a level, decreasing or increasing basis. This type of cover can be taken as stand alone cover or can be included with life assurance. The particular illness covered under this type of policy vary considerably from one provider to another and so care must be taken when switching policies.
With all of the above types of insurance it is possible to include other benefits within the policies such as waiver of premium, buy back, income protection and family income benefit.
Income Protection
Pays a regular monthly income if you are unable to work because of illness or accident, a deferred period is selected when you take out the policy so that payments are received when they are likely to be needed, for instance when your employers sick pay period comes to an end. The cover can be index linked; the payments would continue until you either returned to work, the end of the term of the policy or you died whichever was sooner.
Accident, Sickness and Unemployment Cover
Would pay a regular monthly amount which is pre-selected at commencement to help pay your mortgage and other related costs if you are unable to work because of accident, sickness or unemployment. It would pay the benefit until you returned to work or the end of the term of the policy which is usually 12 or 24 months. The cover can be selected to fit in with your requirements with different deferred periods and can be taken as just accident and sickness or stand alone unemployment cover.
Whole Of Life Policies *
Would cover you indefinitely, unlike a term assurance policy that expires after a set term, therefore it will pay out the sum assured at some stage, because the pay out is guaranteed the premiums are more expensive and this type of policy can acquire a surrender value as a pot builds up to pay the sum assured.
Inter Vivos Policies *
Are used for Inheritance Tax planning, the tax potentially payable on gifts made by a donor to relatives or friends gradually decreases over a seven year period, if the donor survives the full seven years then the tax is avoided completely. An Inter Vivos Policy provides life cover in the event of the donor's death within the seven years for the potential tax outstanding at the time.
* These products are available only through an Independent Financial Adviser because of the investment element and IHT implications - this is something we can organise for you in association with the trusted associates that we work alongside.
‽Source - www.info.cancerresearchuk.org, June 2009
¥Source – Macmillan, The cost of living doesn’t stop going up Autumn 2008 Macmillan - The cost of living doesn't stop going up Autumn 2008 - read article
†Source - www.heartstats.org, June 2009.
‡Source – www.creditaction.org.uk August 2008
±Source – DWP WPLS data May 2007 - Pruprotect - Replacing your income and helping you back to the job you want to do - client brochure
≠Source – DirectGov.co.uk Employment and support allowance rates correct as at 23 March 2010 - DirectGov - Employment and Support Allowance Rates
Minerva Financial Services operates an introduction service for all FSA regulated business, we will be paid a fee by the company the business is introduced is completed by. The fee will depend on the business completed; there is no cost payable by the customer.